MicroStrategy has continued its accumulation of the most prominent digital asset; the firm announced it has purchased an additional 16,130 Bitcoins (BTC). Moreover, the latest purchase is worth a remarkable $593.3 million. The latest addition builds on the firm’s $1.29 billion in profit from their Bitcoin holdings.
Indeed, founder Michael Saylor has long held the belief in the long-term potential of the digital asset. Thus far, that belief has massively paid off. Just this week, the firm’s stock price reached a two-year high, catapulted by those Bitcoin holdings that have been accumulating since 2020.
Also Read: Bitcoin: Microstrategy Stock Reaches 2-year High After BTC Surge
Michael Saylor’s MicroStrategy Acquires Additonal $593.3 Million in Bitcoin
Since the digital asset industry first began, Bitcoin has sat atop the growing list of tokens emerging on the market. In 2023, that has not shown any signs of changing. Moreover, it appears as though the asset is primed for an even greater surge in the coming year.
However, belief in that asset was not always as clear as it is today, having long been considered a risk. Perhaps no individual has capitalized more on that than Michale Saylor. Subsequently, his company, MicroStrategy, has officially surpassed $1 billion in profit on the holdings, while they have just added another 16,130 bitcoins to that accumulation.
Also Read: Michael Saylor’s MicroStrategy Bitcoin sits at $1 Billion Profit
Specifically, the latest acquisition provides the company with another $593.3 million worth of bitcoin for its rather large holdings. Altogether, the firm has accumulated a total of 174,530 bitcoins at $30,252 per BTC, according to Saylor himself.
Its Bitcoin acquisition has led to surging stock prices, reaching $500 this month. Moreover, the price is as high as the company has observed since 2021. The company’s Bitcoin stance is undoubtedly helping propel its value, as its market cap is currently more than $7 billion.